In an op-ed in Reuters, author David Grayson pointed out that sustainability is at a crossroads. He noted that it was the headline finding of a report earlier this year by GlobeScan, ERM and Volans, who surveyed hundreds of global experts in business, civil society, academia, media and government.
Accordingly, more than half of respondents (56%) said that the current approach to sustainability “should be radically revised”, while only 6% said it “works well as it is and we should continue to pursue it”. Others expressed fears that companies are abandoning high-profile commitments in the face of political turmoil.
How should individual businesses respond? He noted they should use this as an opportunity for a reset – a substantial one and suggested five key elements.
The first is Focus – “If we are brutally honest, too many sustainability strategies and specialist functions have taken too much on, spread themselves too thinly,” he noted. So, review those materiality assessments, prioritise what is really business-critical – and also sustainability-critical. What are the things where impact can be highest and risk can be most reduced, combining both business success and progress on sustainability?
“Also, consider what can be delegated to other business functions. Already some specialist sustainability teams have managed to get their finance colleagues to take on most of the detailed reporting work, while the sustainability function holds the pen on the final report.” Read more here.
